Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,861/mo
Lowest payment- Down payment
- $197,030
- Funds due
- $223,578
- Interest + MI left
- $1,107,787
- First ends
- May 2056
Assumption
Assumption + second
$7,497/mo
+$636/mo- Down payment
- $118,030
- Funds due
- $146,003
- Interest + MI left
- $1,257,622
- First ends
- May 2056
New loan
New conventional
$8,345/mo
+$1,484/mo- Down payment
- $118,030
- Funds due
- $138,121
- Interest + MI left
- $1,552,776
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $982,970 | $982,970 | $1,061,970 |
| Second mortgage | — | $79,000 | — |
| First P&I | $5,922.83 | $5,922.83 | $7,194.15 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | — | — | $212.39 |
| Taxes, insurance & HOA | $938.67 | $938.67 | $938.67 |
| Total housing payment | $6,861.49 | $7,497.14 | $8,345.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$118,030
Closing costs & prepaids$27,974
Usable credit−$0
Total buyer cash needed$146,003
Earnest money paid−$0
Remaining funds due$146,003
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$11,800.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$4,914.85
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,416.00
Initial HOA (3 months)$750.00
Prepaid interest, first (9 days)$1,449.41
Prepaid interest, second (9 days)$175.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing29 yr 5 moOf the original 30-year loan at 5.98%
Interest already paid$34,430Through Dec 2026
Assumption only · ends May 2056$1,107,787
Assumption + second · ends May 2056, second Jan 2057$1,257,622
New conventional · ends Jan 2057$1,552,776